Fall Extension In GBP/USD
Trading is on the downside for low 1.2661, as fall goes on. Hitting of 1.2661 will renew larger downtrend from 1.4376 to 61.8% projection of 1.4376 to 1.2661 from 1.3297 at 1.2237. Pivot points are at: (S1) 1.2666; (P) 1.2739; (R1) 1.2783.
Trading above minor resistance 1.2777 will become neutral. The pair’s near term forecast will remain cautiously bearish while support turned resistance 1.2921 keeps.
A medium term bounce from 1.1946 should have completed at 1.4376 already, after rejection from 55 month EMA. Overcoming of 1.3316 would bring stronger rebound to 61.8% retracement at 1.3721. Downtrend resumption is forecast. This will be the preferred case while 38.2% retracement of 1.4376 to 1.2661 at 1.3316 keeps.